The Australian labour market is showing resilience against predictions, with a significant drop in January’s jobless rate of 4.1% to 3.7% in February. The additional 117,000 jobs reported by Reuters signify a major increase. However, these figures are considered unpredictable due to recent volatility in the labour market. The Australian Bureau of Statistics revised January’s net jobs gain by nearly 15,000, with further growth stymied by individuals delaying their job start dates to February. Trends in the labour market suggest a consistent unemployment rate around 3.8% since September, indicating a steady rather than declining job market. Economists like Moody’s Harry Murphy Cruise attribute this performance to a remarkable improvement in inflation alongside employment. Conversely, George Tharenou of UBS pointed out the unreliability of the labour force surveys, indicating slowed job creation. Government and Reserve Bank responses to these numbers indicate cautious optimism, with the Reserve Bank maintaining its focus on reducing inflation.

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